Elaia Raises 134M Deep-Tech Seed Fund Exceeding Initial Goal By 12

Elaia Closes Third Deep-Tech Seed Fund at €134M, Exceeding Initial Goal by 12%

In a significant milestone for venture capital firm Elaia, its third deep-tech seed fund, DTS3, has closed with €134 million in commitments. This figure represents a 12% overshoot of the initial goal set in March 2024, underscoring strong demand from limited partners (LPs) for European deep-tech investments.

Established in Paris with backing from Bpifrance and Université PSL, Elaia has established itself as a preferred backer of research-born startups. The firm’s strategy focuses on three broad technology pillars: computing (including generative AI, quantum, and cybersecurity), future of industry (energy, climate technology, and advanced materials), and life sciences.

DTS3 is designed to support B2B startups at the earliest stages of company formation, writing tickets as small as €300,000. This approach enables Elaia to provide critical funding for research-born startups, allowing them to pivot and scale more efficiently. The fund’s strategy is centered on identifying promising companies with innovative solutions that can address real-world challenges.

Elaia plans to make approximately 40 initial investments from the fund, followed by follow-on investments in 25-30 of the most promising companies as they scale towards seed. This approach will enable the firm to provide sustained support to its portfolio companies, helping them overcome key growth hurdles and achieve market success.

The firm’s deep integration with European academic and scientific institutions is a distinctive feature of DTS3. Elaia’s partnership with Université PSL has been instrumental in identifying promising startups. This collaboration allows Elaia to tap into a vast pool of innovative talent and research expertise, providing its portfolio companies with access to cutting-edge technology and knowledge.

Notable results from Elaia’s academic partnerships include the successful backing of Aqemia, an AI-driven drug discovery platform; Alice & Bob, a quantum computing startup that secured international capital; and Mablink Bioscience, a biotech focused on antibody-drug conjugates for cancer treatment. These companies demonstrate Elaia’s ability to identify and support innovative startups with high growth potential.

Elaia was founded in 2002 by Xavier Lazarus, who has spoken about Europe’s deep-tech momentum as a structural shift rather than a cyclical moment. According to Lazarus, this shift is driven by a combination of factors, including academic excellence, patient capital, and growing institutional support from bodies like Bpifrance.

The DTS3 close adds to Elaia’s busy fundraising period. In February 2026, the firm announced a €120 million first close for its fifth generalist Digital Venture Fund (DV5), targeting €300 million in total. This vehicle will back European B2B technology startups from pre-seed to Series B, with ticket sizes ranging from €1 million to €15 million.

Together, DTS3 and DV5 reflect Elaia’s ambition to operate as a full-stack investor, entering at the earliest research stage through DTS3, then continuing to back the best performers through the DV series into growth. This approach enables Elaia to provide comprehensive support to its portfolio companies, helping them achieve market success.

France’s Tibi 2 initiative has been a significant structural enabler for DTS3. Elaia has cited the programme as providing access to institutional investors who are now long-term LP partners. With the DTS3 final close, Elaia’s total assets under management now exceed €850 million, situating the firm comfortably among Europe’s top-tier early-stage investors in technology and deep science.

The successful closing of DTS3 underscores Elaia’s strong reputation as a VC firm that can identify and support innovative startups with high growth potential. As the European deep-tech landscape continues to evolve, Elaia is well-positioned to capitalize on this trend, providing critical funding and expertise to companies that are shaping the future of technology.

Elaia’s success story is a testament to the power of strategic partnerships and patient capital in driving innovation and growth. By integrating academic expertise, institutional support, and VC muscle, Elaia has established itself as a leader in European deep-tech investments. As the firm continues to grow and evolve, its commitment to supporting innovative startups will remain at the heart of its strategy.

The €134 million DTS3 close marks an exciting milestone for Elaia, and its impact will be felt across the European startup ecosystem. With its unique approach to supporting research-born startups, Elaia is poised to play a key role in shaping the future of technology and innovation.

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